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UK buyout firm Cinven is interested in UK company Spice to boost its support services portfolio.

European buyout firm Cinven Group said last week it was considering making an offer for utility support services group Spice after its indicative possible offer price of 56 pence (€0.68) a share was rejected by the board.

In a statement in response to movements in Spice’s share price, Cinven said it had approached the company on May 24 with the offer, subject to due diligence and the board’s recommendation.

The offer amounted to a 51% premium to the share price at the close of business on May 21.

Cinven said it was not currently in talks with Spice and there was no firm intention to make an offer.